AB513,9 Section 9. 25.17 (3) (a) of the statutes is amended to read:

AB513,4,8 25.17 (3) (a) Invest the core retirement investment trust, baby bond fund, state life fund, local government property insurance fund, veterans trust fund, and injured patients and families compensation fund in loans, securities, and any other investments authorized by s. 620.22, and in bonds or other evidences of indebtedness or preferred stock of companies engaged in the finance business whether as direct lenders or as holding companies owning subsidiaries engaged in the finance business. Investments permitted by sub. (4) are permitted investments under this subsection.

AB513,10 Section 10. 25.18 (1) (q) of the statutes is created to read:

AB513,4,12 25.18 (1) (q) Invest any of the assets of the baby bond fund in any investment that is an authorized investment for assets in the variable retirement investment trust under s. 25.17 (5).

AB513,11 Section 11. 25.32 of the statutes is created to read:

AB513,4,15 25.32 Baby bond fund. (1) There is established a separate nonlapsible trust fund designated as the baby bond fund. The fund shall consist of all of the following:

AB513,4,16 (a) Money deposited into the fund under s. 224.58 (3) (b) 2.

AB513,4,18 (b) All donations, gifts, grants, bequests, or other contributions deposited into the fund under s. 224.58 (6).

AB513,4,19 (c) All earnings and other investment income of the fund.

AB513,4,22 (2) Except as provided in s. 25.187, moneys in the baby bond fund may be expended only for the purpose of making distributions under s. 224.58 (4) and deposits under s. 224.58 (3) (b) 2.

AB513,12 Section 12 . 69.14 (1) (a) of the statutes is amended to read:

AB513,5,2 69.14 (1) (a) Filing deadline. A record of birth for every birth that occurs in this state shall be filed within 5 days after the birth with the state registrar, who shall register the birth under this subchapter. The state registrar shall submit a copy of the record of birth to the department of financial institutions.

AB513,13 Section 13. 71.05 (6) (b) 57. of the statutes is created to read:

AB513,5,5 71.05 (6) (b) 57. The amount of a distribution made to an account beneficiary, as defined in s. 224.58 (1) (b), under s. 224.58 (4).

AB513,14 Section 14. 71.78 (4) (v) of the statutes is created to read:

AB513,5,8 71.78 (4) (v) The department of financial institutions and the department of health services for the purpose of determining eligibility under s. 224.58 (3) (a) 1.

AB513,15 Section 15 . 224.58 of the statutes is created to read:

AB513,5,10 224.58 Baby bond program. (1) Definitions. In this section:

AB513,5,12 (a) “Account” means a baby bond account established by the department under sub. (3).

AB513,5,14 (b) “Account beneficiary” means an individual for whom the department establishes an account.

AB513,5,15 (c) “Domestic business entity” has the meaning given in s. 180.1100 (2).

AB513,5,16 (d) “Eligible expense" means an expense associated with any of the following:

AB513,5,17 1. Postsecondary education of an account beneficiary.

AB513,5,18 2. Child care or education of a minor dependent of the account beneficiary.

AB513,5,19 3. The purchase of a home by an account beneficiary.

AB513,5,22 4. Starting a business by an account beneficiary if the business is a domestic business entity or is a foreign business entity registered or authorized to do business in this state under ch. 178, 179, 180, 181, or 183.

AB513,5,25 5. Contributing to a traditional individual retirement account, a Roth IRA, an account associated with a 401 (k), 403 (b), 457, or Keogh plan, or a similar retirement savings account by an account beneficiary.

AB513,6,1 (e) “Foreign business entity” has the meaning given in s. 180.1100 (3).

AB513,6,4 (f) “Last-known address” means the most recent contact information provided to the department according to the department's records, which may be either a physical address or an electronic mail address.